Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $4,000Salaries expense 1,500Accounts payable 2,000Retained earnings 4,400Utilities expense 1,000Supplies 12,400Service revenue 7,900Common stock 4,600
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Book Value Fair Value Assets $ 400,000 $ 500,000 Liabilities 45,000 45,000 Net income 25,000 How much goodwill would be recorded if Torretta Holdings purchases Vikings, assuming its liabilities, for $635,000?
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